Alexander’s Announces Fourth Quarter Financial Results
ALEXANDER’S, INC. (ALX) filed its Form 10-K for the year ending December 31, 2022, revealing significant declines in financial performance. For Q4 2022, net income dropped to $13.2 million or $2.57 per diluted share, down from $77.7 million or $15.17 per diluted share in Q4 2021, influenced by substantial gains from real estate sales the prior year. Full-year net income also fell to $57.6 million or $11.24 per diluted share, compared to $132.9 million or $25.94 per diluted share in 2021. Funds from operations (FFO) for 2022 stood at $87.1 million, reflecting a decrease from $89.8 million in 2021.
- FFO for Q4 2022 was $20.6 million, only slightly down from $21.7 million in Q4 2021.
- FFO for the year ended December 31, 2022, was $87.1 million, above the annual average for prior years.
- Net income for Q4 2022 decreased by 83% compared to Q4 2021.
- Annual net income fell by 57% year-over-year.
- Substantial decline in per-share earnings due to decreased net income and lack of real estate sale gains.
PARAMUS, N.J., Feb. 13, 2023 (GLOBE NEWSWIRE) -- ALEXANDER’S, INC. (New York Stock Exchange: ALX) filed its Form 10-K for the year ended December 31, 2022 today and reported:
Fourth Quarter 2022 Financial Results
Net income for the quarter ended December 31, 2022 was
Funds from operations (“FFO”) (non-GAAP) for the quarter ended December 31, 2022 was
Year Ended December 31, 2022 Financial Results
Net income for the year ended December 31, 2022 was
FFO (non-GAAP) for the year ended December 31, 2022 was
Alexander’s, Inc. is a real estate investment trust which has six properties in New York City.
CONTACT:
GARY HANSEN
(201) 587-8541
Certain statements contained herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. For a discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see "Risk Factors" in Part I, Item 1A, of our Annual Report on Form 10-K for the year ended December 31, 2022. Such factors include, among others, risks associated with the timing of and costs associated with property improvements, financing commitments, the financial condition of our tenants, general competitive factors and the impact of the COVID-19 pandemic.
(tables to follow)
ALEXANDER'S, INC.
FINANCIAL RESULTS FOR THE QUARTERS ENDED
DECEMBER 31, 2022 AND 2021
Below is a table of selected financial results.
| QUARTER ENDED | ||||||||
| DECEMBER 31, | ||||||||
| (Amounts in thousands, except share and per share amounts) | 2022 | 2021 | ||||||
| Revenues | $ | 53,046 | $ | 49,657 | ||||
| Income from continuing operations | $ | 13,177 | $ | 75,401 | ||||
| Income from discontinued operations | - | 2,348 | ||||||
| Net income | $ | 13,177 | $ | 77,749 | ||||
| Income per common share – basic and diluted | ||||||||
| Income from continuing operations | $ | 2.57 | $ | 14.71 | ||||
| Income from discontinued operations | - | 0.46 | ||||||
| Net income per common share | $ | 2.57 | $ | 15.17 | ||||
| Weighted average shares outstanding - basic and diluted | 5,127,086 | 5,124,478 | ||||||
| FFO (non-GAAP) | $ | 20,639 | $ | 21,662 | ||||
| FFO per diluted share (non-GAAP) | $ | 4.03 | $ | 4.23 | ||||
| Weighted average shares used in computing FFO per diluted share | 5,127,086 | 5,124,478 | ||||||
The following table reconciles net income to FFO (non-GAAP):
| QUARTER ENDED DECEMBER 31, | ||||||
| (Amounts in thousands, except share and per share amounts) | 2022 | 2021 | ||||
| Net income | $ | 13,177 | $ | 77,749 | ||
| Depreciation and amortization of real property | 7,462 | 7,158 | ||||
| Net gains on sale of real estate (2021 includes | - | (63,174 | ) | |||
| Change in fair value of marketable securities | - | (71 | ) | |||
| Net income, as adjusted (non-GAAP) | $ | 20,639 | $ | 21,662 | ||
| FFO per diluted share (non-GAAP) | $ | 4.03 | $ | 4.23 | ||
| Weighted average shares used in computing FFO per diluted share | 5,127,086 | 5,124,478 | ||||
ALEXANDER'S, INC.
FINANCIAL RESULTS FOR THE YEARS ENDED
DECEMBER 31, 2022 AND 2021
Below is a table of selected financial results.
| YEAR ENDED | ||||||||
| DECEMBER 31, | ||||||||
| (Amounts in thousands, except share and per share amounts) | 2022 | 2021 | ||||||
| Revenues | $ | 205,814 | $ | 206,148 | ||||
| Income from continuing operations | $ | 57,632 | $ | 130,582 | ||||
| Income from discontinued operations | - | 2,348 | ||||||
| Net income | $ | 57,632 | $ | 132,930 | ||||
| Income per common share – basic and diluted | ||||||||
| Income from continuing operations | $ | 11.24 | $ | 25.48 | ||||
| Income from discontinued operations | - | 0.46 | ||||||
| Net income per common share | $ | 11.24 | $ | 25.94 | ||||
| Weighted average shares outstanding - basic and diluted | 5,126,100 | 5,123,613 | ||||||
| FFO (non-GAAP) | $ | 87,090 | $ | 89,757 | ||||
| FFO per diluted share (non-GAAP) | $ | 16.99 | $ | 17.52 | ||||
| Weighted average shares used in computing FFO per diluted share | 5,126,100 | 5,123,613 | ||||||
The following table reconciles net income to FFO (non-GAAP):
| YEAR ENDED DECEMBER 31, | ||||||
| (Amounts in thousands, except share and per share amounts) | 2022 | 2021 | ||||
| Net income | $ | 57,632 | $ | 132,930 | ||
| Depreciation and amortization of real property | 29,458 | 32,607 | ||||
| Net gains on sale of real estate (2021 includes | - | (72,298 | ) | |||
| Change in fair value of marketable securities | - | (3,482 | ) | |||
| FFO (non-GAAP) | $ | 87,090 | $ | 89,757 | ||
| FFO per diluted share (non-GAAP) | $ | 16.99 | $ | 17.52 | ||
| Weighted average shares used in computing FFO per diluted share | 5,126,100 | 5,123,613 | ||||
FFO is computed in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”). NAREIT defines FFO as GAAP net income or loss adjusted to exclude net gains from sales of certain real estate assets, real estate impairment losses, depreciation and amortization expense from real estate assets and other specified items, including the pro rata share of such adjustments of unconsolidated subsidiaries. FFO and FFO per diluted share are used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. FFO does not represent cash generated from operating activities and is not necessarily indicative of cash available to fund cash requirements and should not be considered as an alternative to net income as a performance measure or cash flow as a liquidity measure. FFO may not be comparable to similarly titled measures employed by other companies. A reconciliation of net income to FFO is provided above.
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